Update: The Houston Chronicle reports that the buyer of the land is Palmetto RPO LP, an entity affiliated with Houston Texans owner Bob McNair's private investment company Palmetto Parnters Ltd. and located at the same address as the Robert and Janice McNair Foundation.

The nearly six-acre site is at the corner of Richmond Avenue and Post Oak Boulevard, just outside the 610 Loop and across the street from Best Buy. Dubai-based Deyaar Development Corp. sold the property, the Chronicle reports.

Although the future of the site is not yet known, it likely could join many of the retail, office, multifamily and even entertainment projects planned or underway in the area.

For instance, Micro Center is building a new store just a mile away from the former Deyaar site. The 32,000-square-foot store will be part of a larger development on a 3.5-acre site near the intersection of South Rice Avenue and Westpark Drive, just south of Highway 59 and outside the 610 Loop.